land owners. Referring to the Explanation added
to sub-Section (10) of Section 80IB of the Act by Finance (No.2)
Act, 2009 with effect ... avoided.
21. With respect to explanation added to sub-Section (10) of
Section 80IB with retrospective effect from 1.4.2001, counsel
submitted that the present cases
ground that their cases were covered by sub-
section (10) of Section 80IB which provides for deduction of 100% of
profits in the case ... local authority, which is the requirement under
sub-section (10) of Section 80IB , as on that date, the conditions
stipulated in the said sub-section
housing project' is neither defined under Section
2 of the Act nor under Section 80IB (10) of the Act. Even under the Mumbai
Municipal ... Section 10(23G) , separately financing arrangements and also, if it
separately fulfills all other statutory conditions listed in Sections 10(23G) and
80 (B(10
subject to the conditions set out in the Section. It is
only by amending Section 80IB(10) with effect from 1/4/2005 deduction ... Section 80IB(10) to housing projects having
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10 itxa1194-10-jud
commercial establishments upto 10
Section 10(23G) and 80 IB (10). The Ld. Counsel for the assessee submitted that as per the provisions of Section 80IB (10 ... Section 80 IB(10)(c) of the Act. There is no dispute with regard to other conditions laid down Under Section 80-IB(10
section 80IB of the Act as stood
at the time of getting approval from the local authority is
applicable. As per provisions of section 80IB ... substitution of
Explanation to clause (a) to sub-section (10) of
Section 80IB of the Income Tax Act was brought in
under Finance
housing project, if the conditions as laid
down in sub section 10 of section 80IB are
Page 14 of 42
O/TAXAP/549/2008 JUDGMENT ... observed as under:
"30. The essence of subSection (10) of Section
80IB , therefore, requires involvement of an
undertaking in developing and building housing
legislative history of Section 80IB. Section 80IB has been there
on the statute book for quite some time. A new Section 80IB
was introduced ... Section 80IB, for which it is not
necessary to dilate any further on those authorities. The only
decision, on the scope of Section 80IB (10
given beyond the date prescribed under Explanation (1) to sub-section (10) of Section 80IB of the Income Tax Act. Yet another violation pointed ... criteria for grant of relief under Section 80IB of the Income Tax Act and submitted that Section 80IB(10) contemplates grant of deduction
High Courts deciding identical issue
which pertains to the deduction under Section 80IB(10) of
the Income Tax Act, as applicable prior ... insofar as the aforesaid
provision is concerned. Since sub-section (10) of Section
80IB very categorically mentioned that such a project which
is undertaken
